The Beaumont, TX market saw a drop in new home closings year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 18 a year earlier to 7 after the figure moved from 14 in May 2015 to 10 in May 2016.
A total of 153 new homes were sold during the 12 months that ended in June, down from 164 for the year that ended in May.
New home closings represented 7 out of the 559 total closings, which is a smaller percentage than the 18 of 666 total closings a year earlier. Closings of new and existing homes sank year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $348,672, an increase from $252,442 a year earlier. This was on the heels of a 11.5% fall in May from a year earlier.
The average mortgage size on new homes was $278,938, up from $209,154. Average mortgage size on new homes went from $184,290 in May 2015 to $169,527 in May 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
The average unit size of newly sold homes fell from 1,766 square feet a year earlier to 1,124 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 17.8% of existing home closings, higher than 16.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.7% in June from 9.4% a year earlier while REO closings as a percentage of existing home closings dropped to 5.1% from 7.3% a year earlier.